The Ritz-Carlton Hotel Co. confirmed to HOTELS on Friday that its Molasses Reef, a Ritz-Carlton Reserve development located in Turks and Caicos is back on track.
A group of European developers are set to complete Molasses Reef, a former Lehman Brothers luxury resort development on the uninhabited West Caicos island after construction stopped in 2008.
The investment group, whose names have not been disclosed, purchased Lehman Brothers stake in the development. The group is being advised by Kew Capital, London, who advise Russian steel oligarchs Alexander Abramov and Alexander Frolov. The new investors may spend up to US$130 million to complete the project. The previous developer Logwood Development Co. said US$300 million was already been spent before work halted due to the financial crisis, Bloomberg reported. Construction is set to restart this year.
The Molasses Reef, a Ritz-Carlton Reserve project was planned to be a 125-room resort with 30 condo units. The hotel will be the second in the Caribbean for the new Reserve brand from The Ritz-Carlton Hotel Co., Chevy Chase, Maryland. The 115-room Dorado Beach, a Ritz-Carlton Reserve opened in December 2012 in Puerto Rico.